I have recently started mining Cryptocurrency using my gpu , so if I continue mining. I would be making some stready income of around $250 in Cryptocurrency per month.
I will be using Canadian crypto exchanges to convert the coin to CAD and withdraw to my account.
So how will I report this income in CRA. Is it under additional income or as a self small business ?
If you’ve gotten any cryptocurrency by mining, it’s an entirely different scenario. The CRA always considers 100% of the amount you make from mining cryptocurrency for tax purposes, and it has to be reported on your return using a T2125 form. This is because the CRA doesn’t consider crypto mining to involve any initial investment—you’re putting in the work to acquire something of value, which is essentially business income.
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